Fairfax calls 2023 "best year in our history" post-short attack
Fairfax calls 2023 “best year in our history” post-short attack | Insurance Business Canada
Insurance News
Fairfax calls 2023 “best year in our history” post-short attack
Quarterly, full-year results released
Insurance News
By
Terry Gangcuangco
Fairfax Financial Holdings has published its financial results for 2023, calling the period the company’s “best year” in its history.
The group, which recently rejected allegations that it was manipulating asset values and income, reported the following numbers for the quarter and year ended December 31:
Metric
Q4 2023
Q4 2022
FY 2023
FY2022
Gross written premium
US$6.6 billion
US$7 billion
US$29.1 billion
US$27.9 billion
Net insurance revenue
US$5.7 billion
US$5.3 billion
US$22 billion
US$20.2 billion
Insurance service result
US$1.08 billion
US$1.13 billion
US$4.1 billion
US$3.1 billion
Underwriting profit
US$579.3 million
US$496.1 million
US$1.5 billion
US$1.1 billion
Adjusted operating income – P&C insurance and reinsurance
US$1.2 billion
US$940.1 million
US$3.9 billion
US$2.6 billion
Net earnings attributable to shareholders
US$1.3 billion
US$2.3 billion
US$4.4 billion
US$3.4 billion
Commenting on the results, chair and chief executive Prem Watsa said in a release: “2023 was the best year in our history with net earnings of US$4.4 billion, producing record adjusted operating income of US$3.9 billion (or operating income of US$5.7 billion including the benefit of discounting, net of a risk adjustment on claims) from our property and casualty insurance and reinsurance operations, reflecting records achieved in our core underwriting performance, interest and dividends of US$1.7 billion, and increased favourable results from profit of associates.
“All of our major insurance and reinsurance companies achieved combined ratios below 100% for a consolidated combined ratio of 93.2% and underwriting profit of US$1.5 billion, on an undiscounted basis… We remain focused on being soundly financed and ended 2023 in a strong financial position with US$1.8 billion in cash and investments in the holding company, our debt to capital ratio at 23.1%.”
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